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UPDATE: Hambledon Mining reveals 'pleasing' results from Sekisovskoye, Kazakhstan

 UPDATE: Hambledon Mining reveals 'pleasing' results from Sekisovskoye, Kazakhstan

Hambledon Mining (LON:HMB) revealed further drilling results from its Sekisovskoye project in Kazakhstan today, including a 150 percent increase in the average thickness of gold mineralisation.

The company has already reported encouraging results from the first 17 holes of the underground programme and the latest numbers come from the next 12 holes.

So far, more than 4,800 metres have been drilled of a planned 25,000m programme.

All 29 holes hit gold mineralisation, said Hambledon.

CEO Tim Daffern said the latest set were "in line with, and in some cases better than" the firm's expectations.

"It is particularly pleasing to see an increase in the average thickness of gold mineralisation which, if continued along the orebody, would increase the volume of economic mineral resources.

Key results from the programme, aimed at expanding the resources, in May and June this year were:

Hole D132, which intersected 10m at 9.8 g/t Au along with 11m at 2.61 g/t Au. Hole D128 showed 29m at 2.6 g/t Au and 11m at 4.5 g/t Au, 8.7m at 2.6 g/t Au.

Hole D128.1 intersected 22m at 2.82 g/t Au, 34m at 2.71 g/t Au, 24m at 2.87 g/t Au, 5.4m at 9.6 g/t Au, while Hole D129 encountered 5.6m at 5.26 g/t Au, 12m at 2.2 g/t Au.

Finally, hole D126.1 showed 10.3m at 5 g/t gold.

The Sekisovskoye deposit encompasses around ten large mineralised zones intermingled with an additional 190 narrow and sinuous mineralised zones, said Hambledon.

The mineralised zones show wide variation in thickness from 0.35 metres to 30 metres with a new revised average of 5.5 metres with variable gold and silver content.

"This increase in average width of mineralisation is significant as it is greater than assay results received from drilling undertaken in the 1990s and historically by the Soviet exploration programmes," said the company.

This means an increase in economic mineral resources and enhance mine-ablity and extraction, it added.

Information from the latest drilling is to be used by Golders Associates in their current geological modeling of Sekisovskoye at 1.0 g/t Au cut of grade boundary.

This modeling forms the basis for the detailed mine engineering that is also being undertaken by Golders.

Hambledon expects to update shareholders of the result of both studies together with its mineable underground reserve statement in the fourth quarter of this year.

In a note issued today, broker Fairfax said: "Some good gold grades of 9.8g/t and 9.6g/t are interspersed with lower grades of 2-6g/t.

"The good news is that all drill holes intersected gold mineralisation and that drilling has expanded the known thickness of gold mineralisation by 150 percent.

"This should substantially improve the economics of mining and the value of the Sekisovskoye mine.  We expect a new expanded gold reserve / resource and mine plan update in Q4 this year."

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